tv Inside Story Al Jazeera August 31, 2014 5:30am-6:01am EDT
heritage. >> rain has caused flash flooding. residents are dealing with waterlogged homes after storms pushed through the region. up to six inches of rain fell in some areas. there may be no respite. more news on the website, aljazeera.com. it seemingly came from nowhere, swooping under the critics noses and took the big prize, the golden lion on the last night. that is one of the things about the venice film festival. it has the red carpet. the tradition, but beneath the veneer is a fondness for edgy films, cinema that challenges the norms. supporters say it is that variety that makes that festival not 71 years old, but 71 years young.
nevertheless, there are things that come up again and again. war is one of them. we have lee marshal from screen international. popular? >> well, screen writers need conflict to make good dramas, and where better to go than a war zone to find them. it's a continuing trend that i don't thing will stop soon. >> let's talk about the jury, it's a big mix. what things would excite that. >> difficult to second-guess, because as you say, it is a mixed bag this year. we have an indian writer, french music composer, it could go any way this year. >> i know critics don't like to be tied down. give us a hint. who do you think may take the golden lion. >> a documentary won. there's another in competition. a look of silence, a follow up to a documentary, the act of killing. in the mid'60s.
i put my money on that. that's what they'll take home, the golden lion. the clock is ticking, the film world watching. it will be a busy, exciting 10 days here. phil lavelle, al jazeera at the venice film vest fall. >> find out more about the day's news on the al jazeera website. aljazeera.com. you can find out more about what is going on in venice, where 19 films are premiering.
..and the republicans working towards the libertarian populist core that is certain in a midturn election can say look, no more bailouts. as to whether it will move the needle in an election, that is not clear. i don't think this is something that most voters are waking up in the morning, going on yahoo! and saying i hope this doesn't getreauthorized and it does. we'll take a break and when we come back, we talk about who will do the work done by the export-import bank if it went away. will private business take on this follow in international lending. stay with us. >> nothing can be worse than this people burnt to ash... >> horrendous conditions... traffic labor on us bases...
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story" on al jazeera america. i'm ray suarez. in a few weeks, a federal charter authorising the export, im port work of the united states will expire. some would love it to disappear, and some want the charter to be renewed for the agency to continue its work. if it is not renewed, will the big international banks of the world step in and do that kind of work and do it at the same level that it's done now? pash - level that is booking done well? >> well, according to george they will. the reason for that is that the bank makes money. every year. it has never had losses. it can never have losses. that's george's argument of the bank. if it's makes money every year, if it's profitable every year, why can't the private sector take care of it every year. but
what goes up must come down and the taxpayers will be an on the hook for this. either the bank is going to be profitable in perpetuity and should be privatized or the bank will have losses at some point in the future and therefore you know, it's really kind of silly to say that it's going on in i am per to youty. >> i think he's talking about theory. the taxpayer has not picked up any bill of the bank and it's for 95% of the transactions that the bank does is medium business. >> let me clarify if you're talking about transactions it's heavily skewed to small business. >> like giving everyone a penny. >> but in volume it's big business.
>> number one, is it good for america to create jobs and manufacturing in industries that we need so they can sale overseas. the answer has to be yes. number two, has it cost the taxpayer anything? no, it hasn't. if the xm bank go away? will the private sector step in? it will only step in for a small fraction of the purchases, that's why the government got involved in the first place. the reason why the government can make money where a commercial bank can't because the government has built in systems and structures to know what the political risks are, do-to-deal with currency fluctuations that the private sector has to charge a large amount of money but not everyone wants to be in that arena. >> there are some things that the government does only because the private sector doesn't choose to do it. the governments of the mid
20th century were not rubbing their hands together excitedly saying let's build housing units in big american cities. the market police similarly was not supplying housing for working class people who were a big chunk of the population, so the government did it. it has problems with its legacy, but it did it because the private sector which now says yes we can do this wasn't doing it. >> they were doing it because people were asking for it. i kee hate to keep comparing it to fannie and freddie, but the best way to do that is not to subsidize, but to lower tax rates with loopholes and reductions. i go back to the businesses that are hurt by the unseen costs of the foreign competitor.
if other countries want to subsidize their experts, that's their business but we should not be doing the same thing. you can't have it both ways. if the bank is privatible in imperpetuity. private sides it. ize it. earn was talking about the theory that it could at some point have it could have just like fannie and freddie and the housing bubble j he keeps talking about subsidizing. nobody is subsidizing. every transaction occurs there it interests charged for it. that's where the profit comes back into the u.s. treasury. it has been reducing the deficit of this country through the gains of financing these transactions.
had it not done it, those sales would not have occurred. >> it is a subsidy. you can't say that well these things wouldn't occur unless the government got involved. it is a subsidy. if isn' something doesn't occur then the government does it and then it's a subsidy. >> let me bring jason johnson in here. you said the public is not aware. doesn't care, not paying attention to this issue unless politics bring it up. isn't there enough at take to create a teachable moment? should hagin and tillis be talking about the import and expert gam bank and on and on. there are enough republican primaries to decide who the
number kne nominees are going to be. but maybe they're not being told about this. >> there are two things to turn the public off, foreign policy issues and economics. i think politicians are careful. an argument could be made for both sides. if you're against the bank you simply say we don't want any more bailouts. if you're a democrat and in favor we say if we leave this to the private sector we never would have gotten roads or the national highway system and the internet either. i will say this in the context of finding out just this week that burger king is about to ditch this country and go up to canada to pay lower corporate taxes i think this is something that a republican could make serious head way with when we find out the king of burgers doesn't want to be in the united states any more. if you can link that about foreign companies coming in and taking advantage of business, you could make this a teachable moment. i don't think you're going to make that much head way with
people who have an ideological belief. >> are there an any ancillaries? feedback loops? if a job goes to central illinois instead of norway isn't there a benefit to the american taxpayer that is hard to show up on the sheet of the import expert bank? >> the problem with all of this stuff is that it's flawed trade policy. look at the sugar quota. the sugar quota arguebly keeps and benefits sugar producers and keep sugar jobs in the united states. really what you're doing is paying an extra cents per cupcake as a cost of keeping the american jobs here. but over the years that adds up to big tax on american consumers. why shouldn't american consumers get the benefit of cheaper sugar from a foreign country.
we should look at what the consumer wants. when you subsidize experts whether it's been boeing planes that competes with delta or caterpillar equipment which helps them to compete, that's where you see winners and losers and that's why it should be eliminated. >> when we return we'll look at the interests at stake and whether the combatants want to take this particular d.c. debate public. this is inside story. >> i'm joie chen, i'm the host of america tonight, we're revolutionary because we're going back to doing best of storytelling. we have an ouportunity to really reach out and really talk to voices that we haven't heard before... i think al jazeera america is a watershed moment for american journalism urnalists li.
>> you're watching inside story. on al jazeera america. i'm ray suarez. the export import bank of the united states this time on the program. not necessarily a topic that has you gathering the rest of the family around the television but one we choose in part because it tells the bigger story about the way government, politics and economics work in washington. still with us, barney keller, director of the club for growth. in atlanta, jason johnson, politics analyst, and george
munoz, former assistant secretary of the clinton corporation. jason johnson, you talked about democrats being able to work against their brand problems with this as an issue. why aren't they all talking about this, then, if they're for the reauthorization of the bank. nothing goes inside campaign commercials better than smiling guys in hard hats, people at the factory gate opening and closing time, and it seems like a natural. >> it should be, but you got to remember these democrats they're avoiding tomatoes being tossed in 20 different directions. they're atoday muched to a president who is extremely unpopular. you still have discussions about the obamacare and isis. and any discussion about jobs you have to be able to demonstrate something on the ground for it to be of value. so i think a lot of democrats are really scrambling around. they're not making the kind of
use of this issue that they should which is very typical of democrats because they tend to have a lot of trouble branding. >> during the 2008 national community there was one candidate in particular in renewing the charter from the expert and import bank. senator barack obama of illinois, changed his mind and renewed it. are there those who respect so sure? >> it's an important lesson to think about. president obama today as a president said we have to have this. you know why? he has to speak about what is in everyone's best interest. whether it's ronald reagan or both president bushes supported this, and democrats have done that. we have to ask this question, ex-im bank
this is a job creator, not a job loser. if we go in theory and say let's have a libertarian point of view and let there be no role for the government, we're going to be in a very problematic situation. that's why today the democrats are supporting the ex-im bank because they are in charge of the senate and they will vote for this. i do believe we will have import export game, that's what it will take to stay competitive and we have always come back to the reality of the situation which is let's do what is good for the taxpayer. there has not been any losses as in theory predicted. what has been working we should hereof and let continue to work. >> the chamber of commerce is very much in favor of reauthorization and maintained their support for republican candidate who don't want to reauthorize the bangs. there has not been a cost when it comes to that endorsement.
what about club for growth, will you make things uncomfortable, would you say yes, they're doing a good job for the bank? >> we just called off strikes. we look at issues as they come and say this is good. this is bad. we think w you should vote this way or that way and we provide results on a score card for our members. the reason why this has been authorized every year is because the people who benefit from the bank can afford lobbyists, bogey boeing has spent the most money on lobbying. the head of boeing sits on president obama's export council. it would be an interesting political dichotomy if the president was saying we must shut down.
>> i predict that the head of brazil and the multi national consortium that runs airbus would love nothing more than to have boeing not have the financial benefit. >> that's the beauty of cap tammism capita capitalism. instead of subsidizing our exports for a few politically connected industries. >> gentlemen, thank you all. good to see you. that brings us to the end of this edition of inside story. thanks for being with us. from washington, i'm ray suarez.
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